Wave Analysis 16.06.2016 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
16.06.2016
Forecast for June 16th, 2016
EUR USD, “Euro vs US Dollar”
Probably, yesterday Eurodollar completed the wave (ii) in the form of the flat. Earlier, the price finished the descending impulse in the wave [i] and then the correctional the zigzag in the wave [ii]. Consequently, in the nearest future the market may start falling in the wave (iii) of [iii].
More detailed structure is shown on the H1 chart. Probably, yesterday the price finished the descending impulse in the wave c of (ii). If later Eurodollar forms the bearish impulse in the wave i, the market may resume its decline.
GBP USD, “Great Britain Pound vs US Dollar”
In case of Pound, the chart structure remains the same. Probably, the price is forming the fourth wave in the extension in the wave (iii). As soon as it is completed, the market may start falling in the wave v of (iii).
More detailed structure of the descending impulse in the wave iii is shown on the H1 chart. It looks like Pound may yet continue forming the wave iv. As a result, in the nearest future the market may reach a new local low.
USD JPY, “US Dollar vs Japanese Yen”
In case of Yen, the market has made mincemeat out of bulls as it continues to form the descending wave C. It looks like right now the price is falling inside the fifth wave, which may continue during the next week.
More detailed structure is shown on the H4 chart. It looks like Yen is about to finish the third wave in the extension in the wave (iii). As soon as it is completed, the pair may start a new local correction.
AUD USD, “Australian Dollar vs US Dollar”
It’s highly likely that Australian Dollar has completed the zigzag in the wave [ii]. If this assumption is correct, then the price may continue moving downwards in the wave [iii] during the next several weeks. On the minor wave level, after finishing the local correction, the market may continue forming the wave (iii).
As we can see at the H1 chart, the price has completed the wave (ii) in the form of the flat. It looks like right now the pair is forming the wave i of (iii). After finishing this wave, the market will resume moving downwards.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.